16. The sale of a depreciable asset resulting in a gain indicates that the proceeds from the sale were a. less than current market value b. greater than cost c. greater than book value d. less than book value BONOS: 17. On January 1, 2015, Minco Corporation purchased, for $100,000, equipment having a useful life of eight years and an estimated salvage value of $4,000. Minco has recorded monthly depreciation of the equipment on the straight-line method. On January 1, 2020, the equipment was sold for $39,000. As a result of this sale, Minco should recognize a. SO b. a $1,500 gain c. a $1,000 loss d. a $13,000 loss 18. The Fisher Company purchased a machine on October 1, 2018, for $80,000. At the time of acquisition, the machine was estimated to have a useful life of five years and an estimated salvage of $5,000. Fisher has recorded monthly depreciation using the straight-line method. On April 1, 2020, the machine was sold for $50,000. What should be the loss recognized from the sale of the machine? a. $0 b. $2,500 c. $5.000 d. $7.500 19. Two alternative methods of accounting for the cost of oil and gas properties have been widely used. The method that capitalizes all costs associated with all wells is the a. successful-efforts method b. full-cost method c. variable-cost method d. specific-cost method